External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income was up by 63% YoY to RMB593mn, 11% ahead of consensus estimate thanks to investment income of RMB65mn.</li><li>User community saw healthy growth, with DAU/average daily time spent up by 8%/10% YoY in 1Q26, supported by Bili’s quality content, community-first strategy and AI empowerment.</li><li>Looking into 2Q26E, we expect total revenue to grow by 8% YoY, primarily fuelled by the strong ad revenue growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income was up by 63% YoY to RMB593mn, 11% ahead of consensus estimate thanks to investment income of RMB65mn.User community saw healthy growth, with DAU/average daily time spent up by 8%/10% YoY in 1Q26, supported by Bili’s quality content, community-first strategy and AI empowerment.Looking into 2Q26E, we expect total revenue to grow by 8% YoY, primarily fuelled by the strong ad revenue growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 1Q26 Review: Solid User Traffic Growth and Monetization Improvement

<ul><li>BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.</li><li>Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.</li><li>We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of consensus estimate thanks to the operating leverage and effective opex control.Looking ahead, we forecast total revenue to grow by 6%/8% YoY in 1Q26E/FY26E, mainly driven by the strong advertising business.We expect margin expansion pace to slightly slow down in FY26E, as the company steps up AI investment, which shall yield long-term benefits on the user community, monetization and operating efficiency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - AI to Drive Healthy Community Development and Monetization Improvement

<ul><li>Bilibili reported 3Q25 results: total revenue grew by 5% YoY to RMB7.69bn, in line with Bloomberg consensus estimate.</li><li>During the period, adjusted operating income was RMB688mn, up from RMB272mn in 3Q24 and 6% ahead of consensus estimate, mainly due to the effective control on S&amp;M expenses (- 13% YoY).</li><li>Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset by the decline in mobile games revenue. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili reported 3Q25 results: total revenue grew by 5% YoY to RMB7.69bn, in line with Bloomberg consensus estimate.During the period, adjusted operating income was RMB688mn, up from RMB272mn in 3Q24 and 6% ahead of consensus estimate, mainly due to the effective control on S&amp;M expenses (- 13% YoY).Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset by the decline in mobile games revenue. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bilibili (BILI US) - 3Q25 Results: Healthy Margin Expansion on Solid Ad Business...

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 1Q24 recap & our three stock-picking ideas

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (BILI US)

Bilibili (BILI US) - 1Q26 Review: Solid User Traffic Growth and Monetization Improvement

BiliBili reported 1Q26 financial results: total revenue grew by 7% YoY to RMB7.47bn, in line with Bloomberg consensus estimate; adjusted net income...

CMB International

Bilibili (BILI US) - AI to Drive Healthy Community Development and Monetization Improvement

BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the...

CMB International

Bilibili (BILI US) - 3Q25 Results: Healthy Margin Expansion on Solid Ad Business...

Looking into 4Q25E, we forecast total revenue to maintain 5% YoY growth, primarily driven by the strong advertising business, but partially offset...

CMB International

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

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